Montreal & Toronto Roadshow BROOKFIELD INFRASTRUCTURE PARTNERS NOVEMBER 22-23, 2017
Notice to Readers FORWARD-LOOKING STATEMENTS This presentation contains forward-looking information within the meaning of Canadian provincial securities laws and other “forward looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities regulations. The words “growing”, “target”, “growth”, “plan”, “objective”, “expect”, “will”, “may”, “backlog”, “potential”, “prospects”, “believe”, “increase”, “intend”, derivations thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify the above mentioned and other forward-looking statements. Forward-looking statements in this presentation include statements regarding participation in a growing asset class, targeting of dividend yield and growth in FFO and distributions, our ability to identify, acquire and integrate new acquisition opportunities, the planned completion of transactions, estimated future rates of growth, completion and performance of new investments, return objectives, potential demand for additional capacity at our operations, further investment in our existing operations, volume increases in the businesses in which we operate, targeted equity returns, increasing demand for commodities and global movement of goods, upside potential from development projects, availability of and access to funding for growth projects with debt and internally generated cash flow, future growth prospects including large-scale development and expansion projects, distribution payout ratio, ability to finance our backlog of growth projects, future capital appreciation, likely sources of future investment opportunities, our expectations regarding returns to our unitholders, distribution policy and objectives and other statements with respect to our beliefs, outlooks, plans, expectations and intentions. Although Brookfield Infrastructure believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward looking statements or information in this presentation. The future performance and prospects of Brookfield Infrastructure are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this presentation include general economic and market conditions in the jurisdictions in which we operate, regulatory developments and changes in inflation rates in the U.S. and elsewhere, the fact that success of Brookfield Infrastructure is dependent on market demand for an infrastructure company, which is unknown, the availability of and our ability to obtain equity and debt financing, foreign currency risk, the outcome and timing of various regulatory, legal and contractual issues, global credit and financial markets, the competitive business environment in the industries in which we operate, the competitive market for acquisitions and other growth opportunities, our ability to satisfy conditions precedent required to complete transactions (including without limitation those mentioned in this presentation), our ability to integrate acquisitions into existing operations and the future performance of those acquisitions, our ability to close planned transactions, our ability to complete large capital expansion projects on time and within budget, favourable commodity prices, our ability to achieve the milestones necessary to deliver the targeted returns to our unitholders, weakening demand for products and services in the markets for the commodities that underpin demand for our infrastructure, ability to negotiate favourable take-or- pay contractual terms, the continued operation of large capital projects by customers of our businesses which themselves rely on access to capital and continued favourable commodity prices, danger in technology which have the potential to disrupt business and industries in which we invest, uncertainty with respect to future sources of investment opportunities, traffic on our toll roads and other risks and factors described in the documents filed by Brookfield Infrastructure Partners L.P. with the securities regulators in Canada and the United States including under “Risk Factors” in its most recent Annual Report on Form 20-F. Except as required by law, Brookfield Infrastructure Partners undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. IMPORTANT NOTE REGARDING NON-IFRS FINANCIAL MEASURES To measure performance we focus on net income as well as funds from operations (“ FFO ”) and invested capital, which we refer to throughout this presentation. We define FFO as net income plus depreciation, depletion and amortization, deferred taxes and certain other items. We define invested capital as partnership capital, adding back non-cash income statement items net of maintenance capital expenditures, accumulated other comprehensive income and certain other items. FFO and invested capital are not calculated in accordance with, and do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) . FFO and invested capital are therefore unlikely to be comparable to similar measures presented by other issuers. FFO and invested capital have limitations as analytical tools. See the Reconciliation of Non-IFRS Financial Measures section of the most recent Annual Report on Form 20-F and the Partnership’s Supplemental Information report for a more fulsome discussion including a reconciliation to the most directly comparable IFRS measures. 2
Agenda Introduction to BIP / Investment Highlights 4 Business Update 14 Trends Driving Infrastructure Investment Opportunities 16 Q&A 25 Appendices I. Operating Segments 26 II. Corporate Structure and Governance 38 3
Introduction to BIP / Investment Highlights 4
What We Do We are an owner and operator of critical and diverse infrastructure networks over which energy, water, goods, people and data flow, or are stored. THE PILLARS THAT UNDERPIN ALL OF OUR ASSETS: 1 2 3 Regulatory and legislative Replacement cost of our steel and Location/ concrete structures operating permits Rights of way 5
Brookfield Infrastructure Partners Overview We are one of the largest globally diversified owners and operators of infrastructure assets in the world. MARKET BROOKFIELD MARKET SYMBOL CAPITALIZATION PARTICIPATION ~$17.3 Billion 1 ~30% Equity Interest; NYSE: BIP GP & Manager TSX: BIP.UN CAPITALIZATION UNIT PERFORMANCE Annualized Total Return Credit Rating: S&P BBB+ Since 1-Year 5-Year Inception* (As at November 17, 2017) Consolidated Leverage: 55% BIP (NYSE) 43% 20% 20% BIP (TSX) 35% 26% 27% Average debt term 8 years to maturity: S&P 500 Index 21% 16% 9% S&P Utilities Index 25% 14% 7% S&P/TSX Capped Utilities Index 16% 8% 6% Peer Group Alerian MLP Index (8%) (1%) 6% DJB Infrastructure Index** 19% 10% 5% *January 2008; TSX since inception data as of Sept. 2009 **No dividend reinvestment for the index 6 1) Based on the closing price on the NYSE as of November 17, 2017
Investment Highlights Our objective is to own and operate a globally diversified portfolio of high-quality infrastructure assets that will generate sustainable and growing distributions over the long term for our unitholders. KEY HIGHLIGHTS Proven management team & strategy Attractive sector High-quality assets Sustainable cash flows Strong financial position 7
Proven Management Team & Strategy MANAGEMENT TEAM STRATEGY • Consistent long-term strategy employed over • Acquire high-quality assets on a value past 10 years basis ‒ CEO & CFO with business since • Operations-oriented management approach inception ‒ • Substantial management depth Active recycling of mature assets • 15 managing partners ‒ Avg. of 20 years experience and 12 years at Brookfield • ~160 corporate professionals • ~26,000 operating employees 1 TRACK RECORD $3.09 $1.74 • Strong FFO per unit and distribution growth 21% 12% • CAGR Growth in scale and diversity CAGR $0.71 5 GEOGRAPHIES 35 BUSINESSES ~$26B $0.69 TOTAL ASSETS 2 3 2009 2017 2009 2017 Per unit FFO Per unit Distribution 1) As at December 31, 2016 2) Total assets based on fair value of BIP partnership units using closing price on the 8 NYSE as of September 30, 2017 and total net debt as of September 30, 2017 3) Per unit FFO represents Q3 2017 YTD annualized results
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